What should I write my essay about?

" THe Essay should be about the recent Bank " Bail-Outs " that are being paid for by the American Middle Class "

The following banks are guilty of approving real estate loans to people who were not financially capable of paying their mortgages

The Bush administration's $700bn emergency bail-out for the banking industry finally became law today, October 3rd, 2008, after a week of persuasion, negotiation and horse-trading prompted Congress to reverse its opposition to the plan.

" FANNIE MAE and FREDDIE MAC "

Earlier, on September 7th, 2008, the director of the Federal Housing Finance Agency (FHFA), James B. Lockhart III. announced his decision to place two Government sponsored enterprises (GSEs), Fannie Mae (Federal National Mortgage Association) and Freddie Mac (Federal Home Loan Mortgage Corporation), into conservatorship run by FHFA.

" WASHINHTON MUTUAL and WACHOVIA "

Those ill-fated twins of the mortgage calamity, Washington Mutual and Wachovia are getting clobbered again, after some dramatic housecleaning at the top. Home foreclosures still haven't peaked, and Wachovia and Washington Mutual haven't faced the extent of the damage, at least judging by their financials, say the accounting sleuths at Gradient Analytics.

ARE THE BANKS SUPPOSED TO ACCEPT ALL THE BLAME ??????

Americans in the suburbs want to live " high on the hog ". Why live in an $80,000 home, when it's just as easy to get a loan for a $300,000 home? Easy credit, combined with the assumption that housing prices would continue to appreciate, had encouraged many subprime borrowers to obtain adjustable-rate mortgages (ARMs) they could not afford after the initial incentive period. Once housing prices started depreciating moderately in many parts of the U.S., refinancing became more difficult. Some homeowners were unable to re-finance and began to default on loans as their loans reset to higher interest rates and payment amounts.

" A culture of consumerism is a factor in an economy based on immediate gratification".

In other words, " WE HAVE TO KEEP UP WITH THE JONESES ACROSS THE STREET "

"MINORITIES ARE GETTING IN ON THE ACT"

The banking industry provided home loans to undocumented immigrants, viewing it as an untapped resource for growing their own revenue stream. Pro-immigrant expert Tim Ready at the University of Notre Dame argued that "It's really important to the economy as a whole and to the real estate market in particular that Latinos be able to purchase a home." Banks, including some major institutions, offered home-mortgage loans to people who don't have Social Security numbers.

Dr. Tucker Hart Adams, who is president of The Adams Group, an economic consulting firm based in Colorado Springs, Colorado, recently explained .........." Consumers also adopted deficit spending. Since the 1960s, Visa and MasterCard became household names, the idea of waiting until you could afford it before you bought it was relegated to the history books and revolving balances became the norm. The last time I checked, the average American household had 12 credit cards, and only 37 percent of us were paying the entire balance each month. "

We have to relearn the necessity of living within our income. Credit is a valuable tool for smoothing income flows and opening homeownership to most of us. But, its misuse and overuse is unsustainable, even though our society may tell us otherwise.

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